Home Insurance Inventory Book

Transcription

1 Home Insurance Inventory Book Courtesy : Awake Insurance Agency (252) Name: Address: Insurance Company Name: Insurance Co. Phone : Policy : Last Update:

2 Homeowners Insurance Most homeowner/renter insurance policies cover two independent aspects coverage: 1. Property Protection and 2. Liability Protection. Property protection pays for actual damage to a home or other structures (like a detached garage or storage building), damage to personal property, and costs associated with the loss a home (such as increased food or lodging expenses if you cannot live in your house because a covered loss). Liability protection pays when you are found legally liable for another person s bodily injury or property damage. When you talk to your insurance agent, you will be given several choices policies, from very basic to enhanced. The more enhanced a policy is, the more protection it provides (and the more it costs). For example, a very basic policy may not protect you if your pipes freeze in the winter and burst. A more expensive, enhanced policy could cover these occurrences/losses. Sometimes an enhanced policy is called an all-risk policy, but this does not mean that it protects you in every case damage. It means that you are protected from all risks except those specifically excluded. In North Carolina, some a homeowner s most pertinent risks are excluded from all-risk policies, including flooding, sewage back up, and earthquakes. Ask your insurance agent exactly what is covered and what is NOT covered and to thoroughly explain the details special policies, or available endorsements to provide coverage for risks (loss/occurrence) that are not covered. Renters insurance (for clients who rent rather than own the place in which they live) is a form homeowners insurance; it too has both property and liability coverage's. Homeowners with mortgages are generally required to own insurance, but renters are not. Some renters believe that the property owner's insurance will cover their personal property in case a loss. It does not! The property owner's insurance for a rental property is for the structure only, not the personal belongings inside. Only about one in four renters protects him/herself with renters insurance. All renters, however, need to consider the financial loss they will face without insurance in the event a theft, fire, or other disaster, or if their negligence causes bodily injury to another person (such as a dog bite) or damage to another person s property

3 How Much Insurance Do I Need? Most homeowner's insurance policies automatically cover personal property for up to 50 percent the coverage on your home. For example, if your homeowner's policy has $100,000 worth coverage for your house, you would also have an additional $50,000 to cover the cost replacing your personal property. An enhanced policy would increase the percentage to 70 percent. Will your coverage be enough to actually replace your damaged personal property with new ones? Without having a complete household inventory, it is nearly impossible for anyone to know. Your detailed inventory list allows you add up the value all your personal property and aides you in making sure you have adequate insurance coverage for all your personal property. So What Are My Goods Worth? You need to be familiar with several important insurance terms when calculating the value your household items. The last section this book contains inventory worksheets. The worksheets have three columns related to price: original cost, replacement cost, and actual cash value. Original : How much you paid for an item. : How much you would have to pay to replace the item with a new one today. Typically, but not always, this cost is higher than the original cost. Actual Cash Value: There is not a clear cut rule on how to calculate ACV, however most insurance companies use the following definition; How much the item would cost new, minus the amount it has depreciated (decreased in value due to age, wear and tear).the depreciation percentage is how long you had the item compared to its expected life. Let s look at an example to help bring the three terms to life: Say you bought a new recliner four years ago for $ Its expected life is 10 years. This year you had a fire, and your recliner was destroyed. The depreciation is how long you had the item (4 years) compared to its expected life (10 years): 4 years divided by 10 years is.4, or 40% depreciation. Today a new recliner now costs $750.00, so 40% depreciation is $ (depreciation is calculated as a percentage the replacement cost, not the purchase price). Some Special Items Require Special Insurance Coverage Some personal property items require that owners purchase special insurance, (sometimes referred to as an endorsement ) to protect your special items. For example, antiques, silver, collections (such as baseball card collections, coin collections), jewelry, watches, furs, fine arts, and guns may require special endorsements to cover the items to full value. Be sure to ask your insurance agent about your policy s limits for these items and purchase additional coverage

4 if necessary. Instead merely listing the items in your household inventory, you may want to have them appraised and attach their appraised values to the inventory. Once you have completed your personal property inventory, keep it, receipts, and any photos or videos you have produced in a safe place outside your home (so it doesn t disappear if you face a loss!). A safe deposit box is one good idea, or you can also give your insurance agent a copy for safe keeping. Do not give anyone your original copy. That should remain in your possession in your safe deposit box or some other safe place. Make a photocopy your inventory to keep at home so that you can update it as you buy new items. Every time you update your inventory, make sure to update ALL copies. Make sure you have enough insurance to cover these new items. What You Need To Do After You Have A Loss It is Extremely Important to do these three things before you do anything else. 1. Take a picture the way things look before you start cleaning up. 2. Take all precautions to protect your property from further damage by moving items to a safer place, boarding up windows, and patching holes in walls or placing tarps on ros. 3. Keep receipts for items you bought to clean or protect your property (such as tarps, plywood, cleaning supplies, etc.). Most policies do reimburse you for these expenses. Do not throw away anything until your insurance adjuster gives you the okay to do so. How the Claim Process Works If you have suffered a loss from theft, fire, or natural disaster, you are probably experiencing some degree trauma. This section should help you take the necessary steps to get back on your feet. Contact your insurance agent first. Eventually, you may be working with a claims adjuster or other insurance representative, but your agent is your first and best link to your insurance company. If you can t reach your insurance agent, call the insurance company directly and ask to speak to someone in the claims department. If your property is unlivable, post a forwarding phone number so your insurance company knows where to reach you. You will probably need to fill out a claim report (sometimes called a pro--loss form). Because this inventory was designed to be very similar to the claim reports used by major insurance companies, filling out these forms should be a breeze with the use this completed book. The company representative assigned to your case may examine your damaged items and prepare a report for the company. Check the report to make sure it is accurate.

5 Next, You Will Enter the Settlement Process Your insurance company will most likely divide your claim payments into three parts: 1. One for the dwelling structure (your home) itself 2. One for your personal property that incurred damage 3. One for additional living expenses you incur because you cannot live in your home (If it is unlivable). You will be responsible for hiring a contractor to repair the damage to your home. The insurance company cannot tell or advise you who to hire. Therefore be sure to choose a reputable person and be careful who you choose! Many con artists come out the woodwork after someone suffers a major disaster. The settlement for your personal property will be based on either the actual cash value or the replacement cost your lost or damaged property. If you bought replacement cost coverage, you might first receive a check for the actual cash value. As you replace the damaged personal property, show the insurance adjuster your receipts. The company will then reimburse you for the difference between the actual cash value and the actual replacement cost. If you have additional living expense coverage as part your policy, be sure to keep receipts all extra living costs you are incurring due to the loss your home (for example, a hotel room, food receipts). Ask your insurance adjuster for details on the amount they will reimburse you, where and how long you can stay. For an excellent source information about insurance claim procedures, call the North Carolina Department Insurance: PHYSICAL LOCATION: o Dobbs Building: 430 N. Salisbury St. Raleigh, NC Map and Driving Directions SERVICES FOR CONSUMERS: The Consumer Services Division has consultants trained to help the general public with a variety insurance issues. They answer insurance questions and help educate the public available avenues to resolve insurance related problems. Continued on the next page

6 North Carolina Department Insurance 1201 Mail Service Center Raleigh, NC in North Carolina Only outside North Carolina Ask for their free fact sheet; When Disaster Strikes: What to Do After an Insured Homeowners Loss. Or look for the text this fact sheet on the Department Insurance Internet home page: If You Are Uninsured It is still a great idea to fill out a household inventory list. It can help you secure grants or loans and be helpful in claiming casualty losses on your income tax returns. Additionally, the inventory worksheets included in this book provide a space for a serial number, which could help to recover stolen property in the event a theft or looting after some natural disaster. There are a variety services available to uninsured victims. So be sure to do your homework and find out what s available to you. Clearly, though, the best way to protect your self is by buying insurance before a disaster occurs. The Inventory Forms The Inventory Forms are laid out by room and attempt to list some common items to help you get started. At the top each page, there is a place for you to make some notes and also to number your pages, so that you will know how many each there should be. A few things to note: You can change or omit any items that do not apply. You do not need to fill in prices unless you know them and want to Digital cameras number the pictures in sequence. If you don t use a digital camera, mark your pictures somehow so that you can record the picture ID or number in the appropriate column, making it easier to match up later. The last page in the forms section is a blank inventory form. Make copies this and use it to add to any section and to inventory specialty items such as expensive pieces jewelry, collectibles, antiques, sports card collections, stamp collections, books or anything that you would like to itemize. If you have any suggestions or comments for us for future updates to this book, please let us know. You can always contact us through our website or by phone. Awake Insurance (252)

7 LIVING ROOM Photo (if taken) Air conditioner (window units) Bookcases (not fastened to walls) Books Knickknacks CD Player/Stereo Ceiling fans Chairs Couch/ Sectional/ Loveseat Clocks Cfee Tables End tables

8 LIVING ROOM Photo (if taken) Curtains or drapes Desk and contents Fireplace tools, screen, grate Footstools Lamps (hanging, floor, light fixtures) Mirrors Television(s) Movies Musical instruments Organ/piano and bench Photograph albums

9 LIVING ROOM Photo (if taken) s, prints, wall hangings Pillows Plants/flower arrangements Rugs Table lamps Telephones, answering machine Vases Wood-burning stove Aquarium

10 Kitchen Refrigerator Stove/Cook top Microwave Dishwasher Trash Compactor Table / chairs Microwave or other table/cart Dishes Flatware Pots/Pans Baking Pans

11 Kitchen Cfee Machine Mixer Storage Containers Cooking Utensils Staple Foods Spices

12 Dining room Air conditioner (window units) Buffet Candlestick holders/candelabra Chairs and dining chairs China China cabinet/hutch Clocks Crystal Curtains and/or drapes Dining table Flatware

13 Dining room Knickknacks Lamps (floor or hanging) Mirrors (portable) s, prints, wall hangings Plants/flower arrangements Rugs Silverware Tables Table linens, placemats, napkins, napkin holders Telephones Vases

14 Dining room Wines, liquors s, prints, wall hangings Rugs or carpet Table linens, placemats, napkins, napkin holders Tables Telephone Vases Wine rack

15 Laundry room Broom, mop, bucket, dustpan Cabinets (not attached to walls) Folding table Laundry baskets Iron and ironing board Washing machine Dryer

16 Master bedroom Air conditioner (window) Bed frames Bedspreads, blankets Books Bookcases (not fastened to walls) Ceiling fan Chaise longue/ love seat Chest drawers, dressers Chairs Clocks Clothes hamper

17 Master bedroom Clothing Curtains or drapes Desk Dressing screens Hope chest Jewelry Knickknacks Lamps Mattress & Box Spring Mirrors (not fixed to walls) Night stands, tables

18 Master bedroom s, prints, wall hangings Pillows, quilts Plants/flowers Rugs Sheets/ Pillowcases Stereo, CD player, CDs Telephone Television, CD, DVD, BluRay, TiVo Vanity table Vases ipod/ Speakers

19 Bedroom (#2) Air conditioner (window) Humidifier/ Dehumidifier Bed frames Bedspreads/ Blankets Books Bookcases (not fastened to walls) Chairs Chest drawers, dressers Clocks Clothes hamper Clothing

20 Bedroom (#2) Curtains or drapes Desk Dressing screens Jewelry Knickknacks Lamps Mattress/ Box Spring Mirrors (not fastened to walls) Night stands, tables s, prints, wall hangings Pillows, quilts

21 Bedroom (#2) Plants/flowers Rugs Sheets, pillowcases Stereo, CD player, CDs Telephone Television, DVD, BluRay, Tivo

22 Bedroom (#3) Air conditioner (window) Beds Bedspread Books Bookcases (not fastened to walls) Chairs Chest drawers, dressers Clocks Clothes hamper Clothing Curtains or drapes

23 Bedroom (#3) Desk Hope chest Humidifier/ De- Humidifier Jewelry Knickknacks Lamps Mattress/ Box Spring Mirrors (not fastened to walls) Night stands, tables s, prints, wall hangings Pillows, quilts

24 Bedroom (#3) Plants/flowers Rugs Sheets, pillowcases Stereo, CD player, CDs Telephone Television, VCR, videotapes

25 Nursery Baby swing Crib Bed (bassinet or crib) Blankets Bookcases (not attached to wall) Books Car seat Chairs/rocking chair Changing table Chest drawers, dressers Clock

26 Nursery Clothing Curtains or drapes Humidifier/ De- Humidifier Infant carrier/baby seat Lamps Linens Mattress, box springs Mirrors (not fastened to walls) Mobiles s, prints, wall hangings Playpen

27 Nursery Rocking chair Rocking horse Rugs Stroller Tables Toy chest Toys Walker/exerciser

28 Master bathroom Baskets, wicker Cabinets (not fastened to walls) Clothes hamper Contact lenses Cosmetics, toilet accessories Curtains Electrical appliances (hair dryer, razor, curling iron, electric rollers, toothbrush, etc. Eyeglasses First aid kit Hearing aids

29 Master bathroom Heating pad Iron and ironing board Medicines (prescription and nonprescription) Mirrors (portable) s, prints, wall hangings Plants/flowers Rugs, bath mats Scales Shelves (not attached) Shower curtain Soap dispensers, etc.

30 Master bathroom Television Towels, sheets Wastebasket

31 Family room Air conditioner (window) Baskets Binoculars Board games Books Bookcases (not fastened to walls) CD s/dvd s/bluray Discs Ceiling fan Chairs, footstools Children s toys Collections

32 Family room Couches, sas, sectionals Curtains, drapes Desk Entertainment center Exercise equipment Fireplace tools, grate, screen Hobby equipment Knickknacks Lamps Mementos Movies

33 Family room Musical instruments Photo albums s, prints, wall hangings Pillows Ping-pong/pool table Plants, planters/flower arrangements Rugs Sheet music Stereo equipment (CD s/ Sound System) Tables Telephone

34 Family room Television DVD/BluRay/TiVo Vases Video games Video camera, videotapes

35 Home fice Calculator Air conditioner (window) Awards/diplomas Books Bookcases (not fastened to walls) Blank CD s/flash Drives/External Hard Drives Computer, monitor, keyboard, speakers Printer Modems/ Routers Computer printer, printer supplies, Computer stware, games

36 Home fice Chairs Desk, accessories FAX machine Filing cabinets Knickknacks Lamps Laptop/ ipad / Nook/ Kindle Photocopier s, prints, wall hangings Rugs Tables

37 Home fice Digital Recorder Telephone Wastebasket

38 Garage/Shed Auto equipment Benches Bicycles Cabinets Camping gear (sleeping bags, tents, coolers) backpacks) Canned goods Exercise equipment Freezer Freezer Contents Furnace, heating, central airconditioning

39 Garage/Shed Garden equipment (lawn mower, wheelbarrow, rakes, hoes, shovels, tiller) Grass seed, fertilizer, bird feed Grill (gas/charcoal), equipment Hobby equipment Holiday decorations Hoses/sprinklers Hot tub Ladders Lawn decorations Lawn furniture

40 Garage/Shed Luggage Patio furniture Planters Sports equipment Tools Trash cans Woodworking equipment Workbench

41 Children s Clothing Active wear (ballet outfit, football uniform, etc.) Bathing suit Coats/jackets Dresses Pants/Slacks/ Shorts Shirts Shoes/boots Socks, stockings/tights, leggings Suits Sweaters

42 Children s/babies Clothing Underwear and pajamas Cloth Diapers

43 Men s Clothing Active wear (sweats, swimsuits, etc.) Belts/suspenders Gloves/scarves Hats Jackets/Blazers Overcoats, raincoats, windbreakers Pajamas/ Robes Pants/Slacks/Jeans Shoes/Boots Shorts Shirts/dress shirts/casual shirts

44 Men s Clothing Socks Suits Sweaters Ties/tie tacks/cuff links Underwear Umbrellas

45 Women s Clothing Accessories Active wear (aerobic outfits, swimsuits) Belts Dresses Hats Jackets/Blazers Hosiery/Leggings/So cks Mittens/Gloves Overcoats/ Raincoats/Windbreak ers Pajamas/Robes Pants/Slacks/Jeans/Sh orts

46 Women s Clothing Scarves Shoes/Boots Shirts/blouses Skirts Suits Sweaters Umbrellas Underwear/Lingerie

47 Inventory Add-On Sheets (blank) Notes: Room Page Item